成功購併個案之研究

Abstract

近年來在全球企業併購活動愈趨活絡，而台灣併購市場在併購件數上也呈現成長的態勢，然而企業併購是一項非常複雜且需要專業技術的投資活動，因此實務上併購經營之成功機率並不高。而過往學者們針對併購流程中的某一關鍵要素作諸多探討，本論文以過往的研究及相關併購流程的資料，統整並歸納出一套成功併購的流程，並以美光科技併購華亞科、聯發科技併購開曼晨星及環球晶併購SEMI三個成功併購之個案加以分析驗證。本研究發現，擁有明確的併購策略、選擇合適的併購標的、支付允當的併購價格、配合完善的併購後整合，這樣的併購流程架構可以導致較為成功的併購結果。

In recent years, mergers and acquisitions(M A) have become more active around the world. However, M A is a very complex activity that requires professional skills and not easy to success. In the past, scholars have made a lot of discussions on a key element in the process of M A. This study uses past research and relevant information on the merger process to summarize a successful M A process, and analyzes three successful M A cases to verified the process. The result shows that having a clear M A strategy, choosing the right M A target, paying correct price for M A, and perfect post-M A integration can lead to more successful M A results.